The ocean freight market from Asia to the US has remained stable since last week. Some carriers are still listing aggressive rates for specific sailings, but average rates have remained consistent.
The Europe-to-US trade is seeing a rate increase for September 1, most likely driven by shippers getting ahead of potential US port labor action this fall.
In India, a nationwide port strike is expected to begin on August 28, pending progress on wage negotiations. A work stoppage of this magnitude will cause severe delays for India trades, import and export. Shippers moving cargo into or out of India should be prepared for disruptions.
In Canada, following a work stoppage August 22, parties in the rail labor contract dispute were ordered to arbitration. Rail operations have resumed. However, risk of further disruption remains until a firm agreement is reached.
There have been no significant developments in recent weeks on the US/Canada East and Gulf Coast port labor negotiations. For now, a strike beginning October 1 remains possible.
We are watching all fronts for updates and will provide more information as soon as possible.
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VP, Pricing & Procurement
CV International, Inc.